NNPC Calls For Revision of PIB

The Nigerian National Petroleum Corporation is calling for a revision of the Petroleum Industry Governance Bill.

Group Managing Director of the NNPC, Maikanti Baru, said the corporation supports the decision to present the governance and institutional framework as a separate legislation from the fiscal and commercial framework.

But the prevailing international and domestic business environments make it imperative to undertake certain revisions to the 2015 bill.

It wants the new law to ensure proper delineation of the responsibilities of the proposed new entities.

Meanwhile the Central Bank Governor, Godwin Emefiele has promised to work on streamlining logistics and mechanisms hindering access to funds for the development of the small and medium scale enterprises.

He noted that out of the N220 billion earmarked for the sector in 2014 only about N80 billion of the amount has been accessed so far.